Needham & Company Maintains a 'Hold' on Aeroflex Holding (ARX); Cutting Estimates on Commercial Softness

Needham & Company maintains a 'Hold' on Aeroflex Holding (NYSE: ARX).

Analyst, N. Quinn Bolton, said, "Aeroflex reported F3Q12 results well below guidance and our estimates. In addition, a cautious outlook for F4Q12 reflects the company’s reduced visibility in the commercial wireless segment due to economic uncertainty in Europe, conservative APAC capital spending and a slower than expected rollout of LTE. We believe the expansion of LTE handset platforms in C2H12 could drive increased demand for test equipment and drive upside to ARX’s revenues. However, with downward revisions to our forward estimates, we maintain our rating and remain on the sidelines until demand visibility improves."

"We have reduced our F4Q12 revenue, Adjusted EBITDA and non-GAAP EPS estimates to $185MM/$41.5MM/$0.20 from $202MM/$57.2MM/$0.34. Our FY12 ests fall to $673MM/$125MM/$0.51 from $700MM/$148MM/$0.73. Our FY13 estimates decline to $725MM/$156MM/$0.80 from $780MM/$198.3MM/$1.10."

For an analyst ratings summary and ratings history on Aeroflex Holding click here. For more ratings news on Aeroflex Holding click here.

Shares of Aeroflex Holding closed at $7.17 yesterday.

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